On Tuesday the Budget debate was continued. The incident of
most importance was the promise made by the Chancellor of the Exchequer to reconsider his proposals as to doubling the stamp on cheques. It is rumoured that Sir Michael Hicks-Beach will still allow cheques for £2 and under to bear a penny stamp. We trust he will be able to see his way to some compromise, for we believe that the modern habit of using cheques for almost all payments not made across a counter is of great advantage to the country. The cheque system joined to that of the clearing-house gives an ease to the process of exchange in a place like London the advantages of which it would be almost impossible to exaggerate. But twopenny cheques will not be lightly drawn. Men do not regard pennies, but twopence is a different matter. Atkother subject mentioned• by the Chancellor of the Exchequer was the contribution to the war expenditure to be made by the Transvaal. He would not commit himself definitely, but thought it probable that the Transvaal fvould be able to make a contribution equal to the interest on 830,000,000 of Debt. The Colonial Secre- tary was, he said, slightly more sanguine than he was as to the time at which the contribution might begin.
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